PUBLISHER: Allied Market Research | PRODUCT CODE: 1140327
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140327
Road safety management involves the techniques and precautions taken to prevent the death or serious injury of highway users. Standard road users include motorists, bicyclists, pedestrians, motorists, horseback riders, and motorcyclists of on-road public transportation (mainly trucks and trams).
The market for road safety has profited from the proliferation of autonomous cars, which is one of the key factors driving its expansion. The need for linked automobiles and intelligent transportation systems (ITS) has increased as a result of these autonomous vehicles. Rapid urbanization along with growing urban population, which call for better management of transportation and traffic safety, foster the market expansion. As a result, there is a growing need for road safety due to government initiatives and expenditures to improve road security management. However, the significant danger of cyberattacks and identity theft linked to road safety technology is another factor that is expected to impede the market's growth.
The outbreak of COVID-19 has significantly hampered the growth of the road safety market, owing to lack of skilled workforce availability and delay or cancelation of projects owing to partial or complete lockdown globally. Considering the inputs of various industry experts globally, the third wave of COIVID-19 pandemic is significantly affecting the growth of road safety market across the U.S. and the UK. However, increase in demand for sophisticated solutions globally is expected to driving the growth of the road safety market during the forecast period.
The global road safety market is segmented into offering, type, and region. The market is divided into solutions and services based on the kind of offering. Service is further separated into system integration & deployment, support & maintenance, and consulting & training. The system integration and deployment segment was the highest revenue contributor to the market, with $526.1 million in 2021, and is estimated to reach $1,364.5 million by 2031, with a CAGR of 10.2%.
Region wise, the road safety market trends are analyzed across North America (the U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global road safety industry. Major organizations and government institutions in the country are intensely putting resources into the providing sophisticated road safety solutions and services.
TOP IMPACTING FACTORS
The market for road safety is impacted by proliferation of autonomous cars, the need for linked automobiles & intelligent transportation systems, and rapid urbanization along with growing urban population. Furthermore, the significant danger of cyberattacks and identity theft linked to road safety technology affect the market's growth. The need for road safety is expanding as a result of increased government initiatives and investments to improve road security measures influence the market growth. However, each of these factors is anticipated to have a definite impact on the growth of the global road safety market during the forecast period.
COMPETITION ANALYSIS
Competitive analysis and profiles of the major Road Safety market players, such as Cubic Corporation, Dahua Technology, Flir Systems, Inc., IDEMIA, Jenoptik, Kapsch TraficCom, Redflex Holdings, Sensys Gatso Group AB, Siemens AG, and VITRONIC are provided in this report.
By Offering
By Type
By Region